The mismanagement of public funds is one of the problems that can hinder the development of an economy.
It is the misuse and potential loss of funds that calls into question the integrity of the people in charge of the funds. Nigeria is certainly no stranger to the troubles arising from misappropriation and mismanagement of funds.
One sector this is addressing this need is the fintech industry. Fintechs are at the forefront when it comes to championing transparency.
In Nigeria, the industry is witnessing massive growth with the launch of various innovative digital payment platforms, one of which is Remita.
Launched by SystemSpecs, Remita is an online and mobile payment application that enables Governments, Businesses, NGOs & Individuals to make bill payments, funds transfers, invoicing & real-time tracking of all transactions on a single platform.
The platform has made a name such that it has gained the trust of the Nigerian government in its drive towards transparency in the public sector.
For instance, it was reported that the Teachers Registration Council of Nigeria, TRCN, has been accused of allegedly diverting funds. To this, a statement was issued by the agency saying:
“The allegations of diversion of funds are imaginary and a figment of the imagination of the writers. All projects carried out in TRCN are properly budgeted for and executed to the letters. In the first instance, TRCN does not collect cash in all its operations.
All payments to TRCN are done through the government-approved REMITA platform.
Consequently, no officer of TRCN deals with cash. Furthermore, all payments to individuals, contractors, and government (CRF) are done through appropriate payment platforms of REMITA hence no loopholes for diversion of any fund.”
The Federal Government of Nigeria adopted the Remita integrated multichannel Payment Gateway as a one-stop solution for the collection of all revenue types through diﬀerent transaction channels under its national Treasury Single Account (TSA) initiative.
The Remita Payment Gateway that drives the TSA is fused with other payment technology solutions at the core of its design.
With this innovation as well as its other unique and verifiable features, Remita has been set apart from its competition in the marketplace.
In addition, the ease and simplicity with which users can navigate Remita make it the go-to platform for online mobile payments.
For example, the mobile app helps users aggregate all their bank accounts across different banks on a single screen and make payments seamlessly.
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